13F filing recap · Q2 2025

What did Miller Value Partners buy in Q2 2025?

Reported stock-position changes between this filing and the previous one.

Stock value

$235.66M

Positions

Estimated turnover

16.6%

Turnover is a proxy: verified trade-origin share changes valued at period-end and divided by average reported stock value. SEC holdings reports do not disclose execution dates or prices. Corporate actions and unreconciled activity are excluded.

Quarter in review

Miller Value Partners opened a new position in Easterly Government Properties while also exiting a prior stake in the same name, and sold out of AT&T. The firm added substantially to Nabors Industries, Conduent, and American Axle & Manufacturing, and dramatically increased its Jeld-Wen Holding position. It also trimmed United Natural Foods and Tutor Perini.

New positions

DEAEasterly Government Properties, Inc.$3.26Mreported value+146.8K shares

Increased positions

LNCLincoln National Corp$19.70Mreported value+50.2K shares+9.7%BFHBread Financial Holdings, Inc.$18.70Mreported value+17.6K shares+5.7%NBRNabors Industries Ltd$17.49Mreported value+235.4K shares+60.5%GTNGray Media, Inc.$16.52Mreported value+70.0K shares

Reduced positions

UNFIUnited Natural Foods, Inc.$3.20Mreported value-51.5K shares-27.3%TPCTutor Perini Corporation$603.9Kreported value-77.7K shares-85.7%FTITechnipfmc Plc$279.5Kreported value-70 shares-0.9%

Exited positions

DEAEasterly Government Properties, Inc.$3.89Mprior reported value-367.0K shares-100.0%TAT&T Inc.$3.28Mprior reported value-116.0K shares-100.0%